The People’s Bank of China (PBOC) has sounded the alarm over a surge in fraud schemes disguised as digital yuan promotions. The warning comes after false messages about a “Digital Yuan Bank” began circulating across messaging platforms and social media.

On April 11, The Securities Times reported that the PBOC’s Digital Currency Research Institute refuted all such claims, branding them completely fictitious.

Scammers Lure Victims with Cashback & Fake Jobs

Investigations found that bad actors are pushing fake investment programs offering up to 5% cashback, using social engineering techniques such as fake apps, in-person recruitment, and phishing links.

Victims are often promised roles as “digital currency marketers,” a ruse that mimics pyramid scheme mechanics.

PBOC Highlights Key Fraud Patterns

The Institute outlined the most common tactics:

• Impersonation of pilot programs
  
• High-yield digital yuan “investments”
  
• Commission-based fake recruitment
  
• Spoofed calls from fake officials
  

Digital Yuan: What the Public Needs to Know

The PBOC reminded citizens that the e-CNY is a secure, non-speculative legal tender, only distributed via official government or banking channels. Any offer outside this scope is likely a scam.

As more central banks launch their own digital currencies, consumer awareness will be essential to prevent criminals from exploiting the public’s curiosity about CBDCs.